United Credit Education Services and TJT Financial Services
Providing credit and debt solutions that work!
Hello, my name is Tim J Thrift certified credit consultant and Qualified Field Trainer of United Credit Education Services.
Most Americans have between 5 and 10 credit cards. Some even carry up to 50. But how many is too many? Experts say that it’s not the number of credit cards you have, but instead how much you spend and how much you can afford to pay off each month.
Be aware that the more credit cards you have, the bigger the risk you pose to yourself to create debt and hurt your credit. Also, each time you open a store credit card 20 points are taken off of your credit score, according to consumer education organizations. Typically this is because store credit cards are available to anyone – even those consumers who otherwise could not get credit.
Some Tips To Keep In Mind
-Keep your debt ratio low. Your credit card balance should be ideally kept to 30% of your limit.
-Make your payments on time. Keep your credit cards current. New late payments can decrease your credit score by up to 100 points.
-Do not close too many credit cards at once. When you close several credit cards at once, your debt to available credit ratio will fall.
Credit cards can be a good thing. Credit cards are a safer way to buy goods instead of carrying cash. They offer you the protection against theft because the money you charge is not taken out before you get to dispute the charge. There is no magic number or limit to the number of credit cards you have, just be wise when applying for credit and using the credit you have.
Tim J Thrift can be reached at 248-830-4832 or tim@tjtfinancialservices.com
Providing credit and debt solutions that work!
Hello, my name is Tim J Thrift certified credit consultant and Qualified Field Trainer of United Credit Education Services.
Most Americans have between 5 and 10 credit cards. Some even carry up to 50. But how many is too many? Experts say that it’s not the number of credit cards you have, but instead how much you spend and how much you can afford to pay off each month.
Be aware that the more credit cards you have, the bigger the risk you pose to yourself to create debt and hurt your credit. Also, each time you open a store credit card 20 points are taken off of your credit score, according to consumer education organizations. Typically this is because store credit cards are available to anyone – even those consumers who otherwise could not get credit.
Some Tips To Keep In Mind
-Keep your debt ratio low. Your credit card balance should be ideally kept to 30% of your limit.
-Make your payments on time. Keep your credit cards current. New late payments can decrease your credit score by up to 100 points.
-Do not close too many credit cards at once. When you close several credit cards at once, your debt to available credit ratio will fall.
Credit cards can be a good thing. Credit cards are a safer way to buy goods instead of carrying cash. They offer you the protection against theft because the money you charge is not taken out before you get to dispute the charge. There is no magic number or limit to the number of credit cards you have, just be wise when applying for credit and using the credit you have.
Tim J Thrift can be reached at 248-830-4832 or tim@tjtfinancialservices.com
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